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Alibaba rakes whopping $9.3b from online shopping fest

Alibaba rakes whopping $9.3b from online shopping fest

Alibaba Group Holding Limited has announced that it generated $9.3 billion of gross merchandise volume from its online shopping promotion tagged ‘11.11 Shopping Festival’.

This sum of money was settled through Alipay on Alibaba’s China and international retail marketplaces on November 11, 2014.

Mobile gross merchandise volume settled via Alipay accounted for 42.6% of the total sum, the company said.

“On behalf of our entire ecosystem — from millions of buyers and merchants both here and abroad — we are very happy with the results of this year’s 11.11 shopping festival,” said Jonathan Lu, CEO of Alibaba Group.

“We are particularly encouraged by the growing trend of consumers embracing mobile shopping on a global stage. Alibaba is humbled to play a role in making it easy for people to do business anywhere.”

The 11.11 Shopping Festival (“11.11”) began in 2009 with 27 merchant participants as an event for Tmall.com merchants and consumers to raise awareness of the value in online shopping. This year, more than 27,000 brands and merchants participated in the event, including Costco, Muji, Desigual, ASOS, and The North Face.

By expanding globally with the participation of AliExpress and Tmall Global, consumers from over 217 countries and regions were able to select from more than one million products through online storefronts and e-commerce websites, according to Alibaba.

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Kayode Oladeinde Technology Journalist at Technology Times. Mobile: +234 (0) 7031526929

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